Bitcoin
BTC$28 953.50

-4.17%

Ethereum
ETH$1 929.37

-6.11%

Tether
USDT$0.999062

0%

USD Coin
USDC$1.000165

0.02%

Binance Coin
BNB$316.54

-3.99%

XRP
XRP$0.397236

-6.29%

Scenarios for Tezos for the next weeks


January 2020

Even though Bitcoin has never fallen below 67% since August of 2019, which delays the theoretical commencement of the much-expected altcoin season to the unknown period in the future, there are altcoins like Tezos that actually had a very fruitful year, both for traders and holders of this coin. Take a quick look at this 1-year comparative chart to see how Tezos performed against Bitcoin.

Over the course of 2019, XTZ wasn’t moving in unison with the rest of the cryptocurrency market as it hasn’t got entrapped by the bears after the spring/summer bull run, but actually went on another two rallies, with a correction period of two months after the second one.

Certainly, this impressive performance pales in comparison with the 2017/2018 bull market, as Tezos is still -89% from its all-time high of $10.54, or even $11.21 on some exchanges, which the coin reached in December 2017, but, nevertheless, XTZ had a very good run in 2019. The question now is whether Tezos would continue its strong showing in the near future. 

XTZ’s performance in the last months


Over the period from October 2019 until January of this year, Tezos has gone through another bullish rally, which took the price from the lows of $0.76 to its yearly resistance level of $1.8, followed by a correction phase that is still ongoing.

During the last 30 days, XTZ has been behaving healthily against USD, showing signs of recovery after a local correction that followed the testing of a customary resistance of $1.8 on December 13. The correction has dragged the price of XTZ down by nearly 35%, ending up with reaching the local lows of $1.2 on the first days of January. After putting up a big red candle on the daily chart, XTZ has pushed away from the resistance with enough momentum to briefly break through the descending trendline, as shown using the Andrew’s pitchfork oscillator.

Scenarios for XTZ for the next weeks


However, the upward impulse didn’t have enough momentum as the sellers have begun pushing the price down into the formed corridor. Therefore, the next few days are going to be immensely important for the coin since it will be making efforts to conquer the height of $1.4 that will signify the fully-fledged break out of the downtrend towards the new resistance that should occur at the level of $1.6. Otherwise, we could witness the retraction to the pre-bull run support at $1.1 that would keep XTZ in the bear claws in the near future. The negative scenario shouldn't be ignored because the current trading volume is not high enough for a strong move to the upside, and it shows that the market is presently controlled by the bears.

However, the 10-day SMA and EMA are positive on Tezos, showing the indexes of 1.3 and 1.32, respectively, which can be interpreted as a buy signal.

Other indicators are also suggesting that XTZ might take a spurt upwards in the next week or two. On the daily XTZ/USDT chart, the price is above the 9-day EMA - both RSI and Stochastic show that Tezos is moving closer to the oversold area, but it is not below it yet. Therefore, it would be better to wait for a stronger buy signal before entering a long position.

Author: Alex Paulson for Crypto-Rating.com

Related

Tezos (XTZ) Drives Slowly But Resolutely to the Upside
Tezos (XTZ) Drives Slowly But Resolutely to the Upside
Tezos (XTZ) Is Drawing Similar Patterns
Tezos (XTZ) Is Drawing Similar Patterns
Tezos (XTZ): The Buyers Remain Reluctant
Tezos (XTZ): The Buyers Remain Reluctant
Tezos (XTZ): The Bulls Are Losing Grip After Double Rejection
Tezos (XTZ): The Bulls Are Losing Grip After Double Rejection
Tezos (XTZ) Is Locked in the Range
Tezos (XTZ) Is Locked in the Range
Tezos Could Be Walking Into a Bull Trap
Tezos Could Be Walking Into a Bull Trap
Tezos Holds Up Well Amid the Correction
Tezos Holds Up Well Amid the Correction
Tezos (XTZ): a Strong Gaine in 2020
Tezos (XTZ): a Strong Gaine in 2020
Tezos (XTZ) Price Forecast for December 2019
Tezos (XTZ) Price Forecast for December 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60% 87 $28 953.50 -4.17% -3.67% $551 514 958 969 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 88 $1 929.37 -6.11% -6.26% $233 271 604 070 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999062 0% 0.01% $73 206 337 226 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000165 0.02% 0.01% $53 264 489 963 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58% 88 $316.54 -3.99% 4.58% $51 683 254 368 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.397236 -6.29% -7.17% $19 203 606 558 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000278 0.11% 0.03% $18 328 809 687 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56.4% 93 $0.502003 -7.81% -12.64% $16 943 898 369 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.4% 91 $48.07 -9.25% -12.69% $16 307 952 335 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 60.8% 90 $0.081327 -5.98% -8.79% $10 789 659 758 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 55.2% 90 $9.73 -6.72% -10.15% $9 613 488 110 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 56.8% 87 $28 897.59 -4.37% -3.70% $7 993 157 722 WBTC 7 days price change
13 TRON (TRX) TRX TRON predictions 73.2% 56 $0.079994 5.25% 13.91% $7 570 190 446 TRX 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 55.6% 93 $27.44 -12.43% -18.78% $7 390 659 271 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.2% 1 $0.999659 -0.06% -0.01% $6 569 292 513 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.